SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HOGAN JOEY B

(Last)

(First)

(Middle)

400 BIRMINGHAM HIGHWAY

(Street)

CHATTANOOGA

37419

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
COVENANT TRANSPORTATION GROUP INC [ CVTI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SR EX VP & COO/PRES OF SUB.

3. Date of Earliest Transaction (Month/Day/Year)
07/12/2010

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/12/2010		M		8,850	A	$8	84,180	D
Class A Common Stock	07/12/2010		S		8,850	D	$8.78	75,330	D
Class A Common Stock	07/13/2010		M		10,150	A	$8	85,480	D
Class A Common Stock	07/13/2010		S		10,150	D	$8.78	75,330	D
Class A Common Stock	07/14/2010		M		8,093	A	$8	83,423	D
Class A Common Stock	07/14/2010		S		8,093	D	$8.7807	75,330	D
Class A Common Stock								49,585⁽¹⁾	I	401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy) Class A Common Stock	$8	07/12/2010		M			8,850	⁽²⁾	07/27/2010	Class A Common Stock	8,850	⁽²⁾	21,150	D
Employee Stock Option (Right to Buy) Class A Common Stock	$8	07/13/2010		M			10,150	⁽²⁾	07/27/2010	Class A Common Stock	10,150	⁽²⁾	11,000	D
Employee Stock Option (Right to Buy) Class A Common Stock	$8	07/14/2010		M			8,093	⁽²⁾	07/27/2010	Class A Common Stock	8,093	⁽²⁾	2,907	D

Explanation of Responses:

1. The number of shares beneficially owned following the reported transaction is equal to the reporting person's July 12, 2010 account balance in the employer stock fund under the issuer's 401(k) plan divided by the closing price on July 12, 2010. The plan is unitized and as such does not itself allocate a specific number of shares to each participant.

2. Original grant was an option to purchase 40,000 shares of the issuer's Class A common stock, which vested 13,333, 13,333, and 13,334 on 07/27/01, 07/27/02, and 07/27/03, respectively. The amount reported in Column 9 of Table II reflects the remaining portion of this grant. Upon exercise, the derivative security converts on a one-for-one basis into the issuer's Class A common stock.

Remarks:

	/s/ Joey B. Hogan, by Heidi Hornung-Scherr, attorney-in-fact, pursuant to a POA previously filed with the SEC	07/14/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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